Tesla profits surge on higher sales despite chip crunch

Tesla's third-quarter profits more than quadrupled on sharply higher sales despite a global semiconductor shortage that has plagued the auto industry, according to results released Wednesday.

Elon Musk's electric car company posted a record profit of $1.6 billion for the three-month period, as revenues surged 57% to $13.8 billion compared to the year-ago period.

Tesla also delivered a record 241,391 vehicles during the period, with sales significantly ramping up in North America and China.


The results suggest Tesla's output has been less affected by the global shortage of semiconductors than some rival carmakers that have shuttered factories or cut production. However, the company said chip shortages, as well as congestion at ports and rolling blackouts, "have been impacting our ability to keep factories running at full speed."